The Conference Board’s list of predictions about the outcome of the SEC’s proxy roundtable hearing looks more like a wish list than anything grounded in probability, with the exception of the comments by the Conference Board’s own Doug Chia: Governance Center Executive Director, Doug Chia observed coming out of the SEC roundtable, “What seemed to…
Category: proxy advisory firms
SEC Should Leave Proxy Advisory Firms Alone – Bloomberg
The biggest problem with the idea that the proxy advisers need to be reined turns on the fallacy that they are all powerful, something critics repeat a lot. They are not. Just one example, according to a stat in the Wall Street Journal, is that last year proxy advisory firms urged shareholders to vote against approving…
VEA Comment to the SEC on Proxies, Shareholder Proposals, and Proxy Advisory Firms
The full text is linked below. From the introduction and summary: We begin with three key points as context for this comment, all with one theme: the superiority of market tests over regulation whenever possible (unless there is a collective choice problem distorting the market, which is not the case here). 1. The determining issue…
VEA Vice Chair Nell Minow on Motley Fool Money Podcast: Shareholder Rights and Stan Lee
VEA Vice Chair Nell Minow appears on the Motley Fool Money podcast to discuss the SEC’s Proxy Roundtable, Stan Lee as a brand genius, and more.
Bipartisan bill proposes putting proxy firms under SEC’s authority – MarketWatch
We do not expect this bill to be enacted. It appears to be theater to prop up today’s proxy roundtable at the SEC. But it shows how powerful the forces are that are trying to eliminate the one independent source of information and guidance on proxy issues, proxy advisory firms. Six U.S. senators introduced a…
How Funds View and Vote on Shareholder Proposals – Briefing: Governance
Ning Chiu of Davis Polk has some useful data on proxy advisors and fund votes, supporting the conclusion that clients appreciate the analysis of proxy advisory firms but make their own decisions about shareholder proposals: Funds must vote their proxies on behalf of 100 million shareholders in the aggregate and vote based on a range…
ProxyInsight Repudiates Report Claiming Undue Influence of Proxy Advisors
The CEOs behind the fake dark money front groups Main Street Investor Coalition and American Council on Capital Formation have produced a bogus study purporting to show “robo-votes” by professional money managers, alleging they blindly follow the recommendations of proxy advisory firms. Now, in an extraordinary statement, the provider of the data used for the…
Minerva Analytics: Comment on SEC Proxy Roundtable
From Minerva Analytics’ comment to the SEC for the Proxy Roundtable (link to the full comment below): We note the activities of the immensely vocal, but narrow, anti-ESG and governance lobby which continues to ignore and disrespect the beliefs and preferences of capital providers. Investors use governance research and vote execution services to legitimately help…
ISS Comment Letter to the SEC on the Proxy Process
ISS has filed its comment letter for the Proxy Roundtable with the SEC. Some highlights: They respond to those who claim that proxy advisors are not regulated and those who claim they control the proxy voting decisions of their clients: “As a registered investment adviser, we have a fiduciary obligation to our clients to provide…
More Useless Sock Puppet Bluster from Fake Front Group Main Street Investor Coalition
Fake dark money front group Main Street Investment Coalition is really getting in a lather about the upcoming November 15 SEC Proxy Roundtable. The instantly discredited CEO-funded astroturf organization is struggling to find anyone who is not self-interested to try to make the case that the only source of truly independent research about corporate governance…
